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What are the features of perfect competi...

What are the features of perfect competition?

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The features of perfect competiton are
Very large number of buyers and sellers
Homogeneous product
Freedom of entry and exit
Perfect knowledge among buyers and sellers
Perfect mobility of the factors of production
Perfectly elastic slope of demand curve (AR)
Absence of selling cost.
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Knowledge Check

  • One of the following is not the feature of a perfectly competitive market :

    A
    Each firm has negligible share in market supply
    B
    Each buyer has negligible share in market demand
    C
    The firms are interdependent
    D
    The firms are free to leave the market
  • which of het following types of market structure is the exact opposite of perfect competition?

    A
    Monopoly Competition
    B
    Monopoly
    C
    Duopoly
    D
    Oligopoly
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